#Bitcoin halving day is an event that occurs every four years on the Bitcoin network.
On that day, the amount of rewards given to Bitcoin miners for completing new blocks will be halved.
This is done to control inflation and maintain the limited availability of Bitcoin. In the beginning, when Bitcoin was first launched, the reward for each new block was 50 Bitcoins.
However, every 210,000 blocks mined, the reward will be halved. This process is known as "halving".
So, on halving day, the reward will decrease to 25 Bitcoins, then 12.5 Bitcoins, and so on. Bitcoin halving day has a significant impact on the Bitcoin market.
As the rewards given to miners decrease, halving days tend to increase demand for Bitcoin. This may lead to an increase in the price of Bitcoin due to less supply.
Additionally, the halving day may also affect Bitcoin mining activities, as it may no longer be profitable for some miners to continue their operations. The last halving day occurred on May 11, 2020, where the Bitcoin reward was reduced to 6.25 Bitcoins per block. The next halving day is expected to occur in 2024.
@richardteng
